The Truth About Black Money

Black Money is the part of our system and it's create by us,because we make them this system to our own need and sporting to other people for this who need this ?

Why this we create ?
Why we Follow this?
Why we note beat this?




please wait will revert you soon.....

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BLACK MONEY....

Advantage:-

• The Bill provides for stringent measures against violations; this includes property confiscation

• The Bill also provides deterrent through 10 years RI for tax evasion and penalty of 300 percent of taxes on concealed income and assets

• Moreover, the flat rate of 30 percent is taxed on undisclosed foreign income while there is no exemption against this under the IT Act 1961

• Magnitude of deterrent is also high. Concealment of income pertaining to foreign assets will be charged with penalty three times the amount of tax over and above the flat rate 

• Inaction or failure to file returns with inadequate disclosure of foreign assets is also punishable by law under this Bill

• The Bill also makes concealment of income and evasion of tax pertaining to foreign asset a predicate offence which will allow enforcement agencies to attach and confiscate accounted assets held abroad

• Computation of tax liability on overseas property will be on the basis of current prices and not price required; this is a fair assessment 

• The Bill also provides a compliance window for those who want to disclose their foreign income/assets stashed abroad

• The Black Money Bill will also put an end to fake transactions, tax evasion and undeclared possession of property abroad using tax payer’s money

Disadvantages:-

• Procedure to bring back Black Money has not been indicated in the Bill; it only prescribes punishment for those caught with black money or compliance window for those who voluntarily disclose their money/assets stashed abroad . More stringent laws are needed to punish the practice of stashing black money. 

• Bill also does not address issues such as DTAA/Double Taxation Avoidance Agreement coming in the way of black money detection

• Bill is based on the premise that foreign assets and accounts are the principal source of black money; Global Financial Integrity estimates black money outside India to be only INR 28 lakh crore

• Domestic black money is a much bigger number and a larger problem; Black money stashed abroad is also brought back to India through round tripping of FDI via investment havens so domestic black money is much more 

• The Bill also fails to provide a mechanism to retrieve information regarding the defaulters which has agreements with foreign governments

• Domestic laws and international treaty obligations blocking the detection of black money are also not addressed in the Bill

• The Bill also provides excessive powers to tax authorities without looking at the failure of tax administration in the nation. This includes assessing officers, ED, CBDT and others

• The Bill is not part of a holistic strategy to control the generation of black money

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Notes ban to significantly disrupt economic activity: Moody’s

Demonetisation will “significantly disrupt economic activity” and lead to weaker growth in near-term, though in the long run it can boost tax revenues and translate into faster fiscal consolidation, Moody’s Investors Service said on Thursday.

In a report titled ‘Indian Credit — Demonetisation Is Beneficial for Indian Government and Banks; Implementation Challenges Will Disrupt Economic Activity’, Moody’s said the move to ban old Rs 500/1000 notes is affecting all sectors of the economy to various extent, with banks being the key beneficiaries.

“Although the measures in the near term will pressure GDP growth and thereby government revenues, in the longer term they should boost tax revenues and translate into higher government capital expenditure and/or faster fiscal consolidation,” Moody’s Sovereign Group Associate MD Marie Diron said.

Moody’s added there will be a loss of wealth for individuals and corporates with unreported income, as some will choose not to deposit funds back into the formal financial system to avoid disclosing the sources of these funds.

In the immediate period, demonetisation would “significantly disrupt economic activity, resulting in temporarily weaker consumption and GDP growth,” it maintained.

Households and businesses will experience liquidity shortages as cash is taken out of the system, with a daily limit on the amount in old notes that can be exchanged into new notes.

“Corporates will see economic activity decline, with lower sales volumes and cash flows, with those directly exposed to retail sales most affected,” Moody’s Corporate Finance Group MD Laura Acres said.

However, greater formalisation of economic and financial activity would ultimately help broaden the tax base and expand usage of the financial system, which would be credit positive, it added.

In a report, S&P Global Ratings too said demonetisation would be positive in long-term, but will have a transitory impact on growth in the short run and could hurt banks’ asset quality.

“Bank deposits would benefit due to demonetisation, though not all inflows will remain in the banking system on a permanent basis,” S&P said.

On November 8, Prime Minister Narendra Modi announced demonetisation of 500 and 1,000 rupee notes, thereby withdrawing 86 per cent or Rs 14 lakh crore worth currency from circulation.

Moody’s said implementation challenges, in addition to affecting growth and government revenues, will impact corporates by lowering sales volumes and cash flows.

In the medium term, the impact on corporates will depend on how quickly liquidity returns to the system and transaction flows are restored, it added.

The US-based agency said the government could prevent the same amount of cash returning into the system, in an effort to increase the use of non-cash transactions and digital payments.

“This would improve the overall operating environment for doing business in India — by improving the ease and speed at which payments reach manufacturers and reducing corruption — but would prolong the economic disruption,” it added.

Consumption in India is still largely cash-driven, and a move towards digital payments would require a likely gradual change in consumer habits.

Banks would benefit significantly from a move towards digital payments, given their role as intermediaries for such transactions, Moody’s added.

Rising bank deposits — which Moody’s expects to increase by 1-2 per cent as a result of the demonetisation — could lower lending rates, a positive for the banks.

In the nearer term, however, Moody’s expects asset quality to deteriorate for banks and non-bank finance companies, as the economic disruption will significantly impact the ability of borrowers to repay loans, in particular for the loans against property, commercial vehicles and micro finance sectors.

“A prolonged disruption could also have a more significant impact on asset quality, as both corporate and small-and medium-sized enterprise customers have a limited ability to withstand a sustained period of economic weakness,” Moody’s added.

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New 500 And 2,000 Rupee Notes

The Reserve Bank of India will issue new notes for Rs. 500 and Rs. 2000. Prime Minister Narendra Modi in his address to the nation on Tuesday said that the notes will be circulated soon, RBI has decided to limit the notes with higher value.

The Prime Minister announced that Rs. 500 and Rs. 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become "mere paper".

PM Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.
He also said that ATM withdrawals will be restricted to Rs. 2,000 per day till November 11, when this limit may be increased slowly.

The Prime Minister said that the Rs. 500 and Rs. 1,000 denomination notes can be deposited in banks and post offices, and also exchanged across the bank counter by showing government-issued ID proof.

Withdrawals from bank accounts will be limited to Rs. 10,000 for the first few days.
Banks have also been ordered to remain shut on Wednesday, he said.

PM Modi said that for medical patients, the old notes will be accepted.

He also said that retail petrol pumps will accept such notes till November 11, after which the stations will have to keep a register of such notes for some time.

The decisions come after a cabinet meeting.

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Indian Armry

Indian Army

Indian army this is a beautiful name of those Indian people who compare for this word to take name and explanation fort the this word. Indian army and his life style is very simple. they take simple life style live and live structure are very simple. they are not showing his life style make glamorous and rocking life style. ony they want make life simple and nit and clean.

our Indian army struggling hard working and hard life style. the believe in his hard working and his Desh priority. 

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Modi govt took steps to secure borders, strengthen economy: Amit Shah

HISAR: BJP President Amit Shah today said the Narendra Modi government has taken steps to secure the country's borders and pursued policies which have made India the fastest growing economy in the world.
"The Modi government has taken steps to secure the country's borders," Shah said addressing a public gathering on the occasion of 35th annual fair at Agroha Dham here, an event organised by Agroha Vikas Trust.
Shah, who was the chief guest at the function here, referred to Lance Naik Hemraj who was killed and then beheaded by Pakistani soldiers in 2013.
"Under the NDA government led by Narendra Modi, no one will dare insult our martyrs like Hemraj. No one can dare commit any misadventure and our brave forces, due to the government's strong political will, are ready to meet all challenges," he said.
On the Goods and Services Tax, Shah said Sales Tax, VAT, Octroi, Service Tax and Excise Duty will be brought under GST ambit and added that "our government has fulfilled the dreams of traders."
"Once it (GST) is implemented from April 1, 2017, it will further increase the economic might of India in the world. It is a bold step taken by the government," he said.
He said earlier there were many obstacles in the path of the country on the economic front.
"There were many obstacles and the Modi government removed all of these. After two-and-a-half years (of rule), today we are the fastest growing economy in the world," he said.
Without naming Congress, Shah alleged that the successive governments at the Centre allegedly failed to create enough employment opportunities and said those who framed the policies earlier were unaware that the country also belonged to businessmen and small traders.
Shah said the BJP government had taken several steps to generate jobs through self employment which has empowered the youth.
"Through Mudra Bank, loans ranging from Rs 10,000 to Rs 10 lakh have been extended to small traders without guarantee. During past two-and-a-half years loans worth Rs 2 lakh crore have have been given to 4.5 crore youths by our government and this is a big achievement," he said.Shah also touched upon schemes like Stand-up India and Start-up India and Make in India. "In five to ten years, this country will be the top economy of the world," he said.
Shah said more than 250 initiatives have been taken by the Modi government to improve trade and because of this the country has moved forward in Global Competitive Index. It is because of these efforts that foreign companies are keen to set up projects in the country, he added.

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Business,recruitment in China hit record low

BEIJING: China's business confidence and recruitment activity slipped to record lows in January, a survey showed, adding to signs of weakness in the world's second-largest economy that could prod policymakers to roll out more support measures.
The Sales Managers' Index, compiled by London-based World Economics, fell to 51.0 in January from 51.7 in December.
"The Headline SMI index fell slightly in January, but continues to suggest ongoing, albeit modest growth in economic activity," World Economics chief executive Ed Jones said.
The index has averaged 51.4 since the second half of last year, indicating China's economic activity is still growing steadily, albeit at a much slower rate than a year ago.
The Sales Managers' Index covers all private sectors of the economy. It is designed to reflect overall economic growth, bringing together the average movement of confidence, market expansion, product sales, prices charged and staffing indices.
The staffing index fell to 50.3 in January, near the 50 no-change mark, from 50.8 in December, hitting its lowest since the survey began, as businesses have become more hesitant to recruit as economic activity weakens, the survey showed.

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